JP Morgan Opens The First Bank in Metaverse

tl;drOn Tuesday, Feb 15, 2022, JP Morgan, the first US bank, announced that it opened ‘Onyx Lounge’, a virtual bank branch in Decentraland, through Metaverse.
JP Morgan Opens The First Bank in Metaverse
JP Morgan Opens The First Bank in Metaverse
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JP Morgan Opens ‘Onyx Lounge’ in Metaverse

JP Morgan, the largest bank in the U.S, opens Onyx Lounge in Decentraland. JP Morgan has become the first lender to arrive in the Metaverse, a virtual world based on blockchain technology. According to JP Morgan, “the Metaverse could potentially bring in a revenue of $1 trillion per year”. This virtual bank is located in Decentraland’s Metajuku mall.

JP Morgan Virtual Banking System

In Metaverse, Decentraland is designed to allow users to buy virtual plots of land in the form of NFTs and make purchases by using cryptocurrencies backed by the Ethereum blockchain. By launching Onyx Lounge, JP Morgan designed a virtual banking system in the Metaverse similar to the real banking system with similar roles.

JP Morgan’s Report of The Event

According to the bank’s report:

“This is where our long-standing core competencies in cross-border payments, foreign exchange, financial assets creation, trading and safekeeping, in addition to our at-scale consumer foothold, can play a major role in the metaverse, and the bank can help tackle issues like account validation, transaction status and fraud prevention, similar to how it does with real-world clients.”

Additionally, to bring more business to this system in the Metaverse, JP Morgan provided a report and described how businesses explore the Metaverse.

What Is JP Morgan?

JP Morgan is one of the oldest financial institutions in the United States. It is the largest bank in the United States, the world's largest bank by market capitalisation, and the fifth-largest bank in the world in terms of total assets, with total assets of US$3.758 trillion.

Bottom Line

It's no secret that the Metaverse makes us able to make our second life based on a fully-realised digital world and do whatever we can do in our real life and many things that we cannot even dream of in the physical world. Metaverse is also being driven by interest from massive brands. Adidas, Atari, Gap, Hulu, Nike, Walmart and Verizon were listed by JP Morgan as early investors in the blockchain economy. Now, JP Morgan has become the first bank to enter the developing world of Metaverse. The Metaverse world is unpredictable and is like a magazine with the hottest stories. Cryptologi.st is here to cover all you need to know about Metaverse, NFTs, Gaming tokens, and many more!

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